Stocks surge, dollar rallies as US and China pledge to slash tariffs

Bangkok Post Group

Wall Street stock futures surged, the dollar rallied and gold prices slumped on Monday as U.S. and Chinese officials pledged to slash reciprocal tariffs in a move that swept trade war fears out of global markets, at least for now. - REUTERS

Transcript

00:00Wall Street's stock futures surged, the dollar rallied and gold prices slumped on Monday

00:06as US and Chinese officials pledged to slash reciprocal tariffs.

00:10The move swept trade war fears out of global markets, at least for now.

00:15Following weekend talks in Geneva, a joint US-China statement on Monday said that both

00:20sides would drop trade levies.

00:23Futures tracking Wall Street's S&P 500 index were 2.6 percent higher and contracts following

00:29the Nasdaq 100 index jumped 3.8 percent.

00:33In early European trading, Germany's DAX rose 1.5 percent to a record high.

00:38And the regional stock 600 was also up, while safe haven spot gold dropped 3 percent.

00:44Arthur Brunner is a fixed income specialist at ICF Bank.

00:48A reasonable movement of goods is possible again at the moment.

00:52The beneficiaries of this were semiconductors.

00:55For example, Infineon is the strongest stock on the DAX today.

00:58The automotive industry and also chemicals, especially BASF, which are up significantly

01:04today.

01:05US Treasury Secretary Scott Besant told reporters the two sides had agreed on a 90-day pause on

01:11measures and that tariffs would come down by over 100 percentage points to 10 percent.

01:17An easing in geopolitical tensions also boosted the mood, as a fragile ceasefire held between

01:22India and Pakistan.

01:23Plus, Ukrainian President Vladimir Zelensky said he was ready to meet Vladimir Putin in

01:29Turkey on Thursday on Thursday for talks.

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